Awfis Space Solutions Limited (AWFIS)
₹244.77 +1.30% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Awfis Space's revenue was ₹425 Cr (+26.8% year on year, +3.6% on the previous quarter), and net profit ₹24.0 Cr (+139.6% year on year); the operating margin was 38.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹425 | +26.8% | +3.6% |
| Operating profit | ₹162 | +27.8% | +6.8% |
| Net profit | ₹24.0 | +139.6% | +4.2% |
| EPS (₹) | 3.35 | +139.3% | +3.1% |
| Operating margin | 38.2% | — | — |
AWFIS delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.88% of the AWFIS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.92%. That is close to its usual level. Volume was 0.3 times its average, well below normal. 2 bulk or block deals were reported in AWFIS in the last 60 days: ₹28 Cr bought and ₹30 Cr sold.
Delivery in the last 5 sessions: 43.5% · 42.2% · 46.2% · 47.4% · 39.9%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 9 Oct | Sell | Peak Xv Partners Investments V | ₹29.78 Cr | ₹245.00 | 1,215,493 | Bulk |
| 9 Oct | Buy | Kritagyata Trust | ₹28.17 Cr | ₹244.97 | 1,150,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Awfis Space Solutions has received an adverse final arbitral award dated September 30, 2026, in its dispute with landlord Ruby Infotech Private Limited over early lease deed termination. The Sole Arbitrator at the Delhi International Arbitration Centre awarded ~₹8.26 crore along with interest and costs against Awfis. The company stated that having previously written off fit-outs, the net incremental financial cost impact is not anticipated to exceed ₹6.3 crore (inclusive of interest), which represents ~9.7% of TTM PAT (₹65 crore). Awfis is evaluating legal remedies to challenge the award based on apparent discrepancies on record.
- Arbitral award passed against Awfis determining an amount of ~₹8.26 crore plus applicable interest and costs
- Net incremental financial impact capped at not more than ₹6.3 crore as fit-outs were already written off
- Dispute originated from lease deed termination during the lock-in period citing infrastructural and safety issues
- Arbitration conducted before Sole Arbitrator Justice S. Muralidhar (Retd.) at Delhi International Arbitration Centre
- Company is evaluating legal challenges to the award citing discrepancies apparent on the face of record
Awfis Space Solutions has executed loan agreements with IDFC FIRST Bank for total credit facilities of ₹80 crore (INR 800 million). This comprises a Corporate Term Loan of ₹75 crore (INR 750 million) for capex reimbursement and fresh capex, alongside an Overdraft facility of ₹5 crore (INR 50 million) for working capital. As of the disclosure date, the outstanding balance on both facilities is nil. The ₹80 crore total facility represents approximately 5.3% of the company's existing debt of ₹1,501 crore and 14.7% of its net worth of ₹546 crore.
- Executed Corporate Term Loan agreement for INR 750 Million (₹75 Cr) for capex reimbursement and fresh capex
- Executed Overdraft facility agreement for INR 50 Million (₹5 Cr) for working capital
- Agreements executed on September 29, 2026; outstanding amount is currently NIL on both facilities
- Securities include exclusive charge on movable fixed assets (0.50x cover), receivables escrow (2.0x cover), and 2-month DSRA
Awfis Space Solutions has launched a new premium workspace centre under its 'Elite by Awfis' brand at Prestige Trade Centre, Aerocity, New Delhi. The facility spans approximately 1,00,000 sq. ft. of chargeable area, offering built-to-suit and ready-to-move spaces targeting Global Capability Centres (GCCs) and enterprises. This launch marks the company's 9th Elite centre nationwide, expanding its broader premium network to 37 centres. The addition supports the company's strategy to capture higher-margin, Grade-A demand in key micro-markets.
- Launched ~1,00,000 sq. ft. chargeable area centre in Aerocity, New Delhi
- Marks the 9th Elite centre for Awfis, expanding on 8 existing centres in Bengaluru and Hyderabad
- Increases Awfis' total premium portfolio to 37 centres across India
- Overall Awfis network comprises 250+ centres across 18 cities serving 3,600+ clients
Awfis Space Solutions Limited has submitted the voting results and scrutinizer's report for its 12th Annual General Meeting held on September 21, 2026. A total of 49,510,105 votes were polled across 71,563,186 outstanding shares, representing a voter turnout of approximately 69.18%. All three proposed resolutions were passed with the requisite majority, including the adoption of FY26 financial statements, the reappointment of director Mr. Amit Ramani, and the appointment of Mr. Abhishek Poddar as an Independent Director.
- Voter turnout stood at 69.18% with 49,510,105 votes polled out of 71,563,186 total shares
- Adoption of FY26 standalone and consolidated financial statements passed with 99.9998% approval
- Reappointment of director Mr. Amit Ramani approved with 96.97% votes in favor and 3.03% against
- Appointment of Mr. Abhishek Poddar as an Independent Director passed with 99.9998% approval
- 141 members attended the meeting conducted through Video Conferencing
Awfis Space Solutions Limited informed exchanges that company officials will attend an in-person group investor meeting organized by Ambit Capital in Mumbai on September 08, 2026, starting at 10:00 AM IST. The company confirmed that all discussions will rely strictly on publicly available information. The disclosure was filed under Regulation 30 of SEBI LODR, with the company noting a short-notice confirmation of the schedule.
- In-person group investor meeting scheduled for September 08, 2026, from 10:00 A.M. (IST) onwards.
- Conference organized by Ambit Capital in Mumbai.
- Discussions to be based strictly on publicly available information without sharing unpublished price sensitive information.
Awfis Space Solutions Limited has announced a schedule for physical interactions with analysts and institutional investors on September 4, 2026, starting at 10:00 AM IST in Mumbai. The interactions will include 1-on-1 and group meetings. The company confirmed that all discussions will be limited to publicly available information, making this a routine regulatory compliance intimation.
- Meeting date scheduled for September 04, 2026, from 10:00 A.M. (IST) onwards
- Format includes 1x1 and Group Meetings in physical mode in Mumbai
- Discussions will strictly adhere to publicly available information
- Intimation filed under Regulation 30 of SEBI LODR Regulations
Awfis Space Solutions Limited has announced that its 12th Annual General Meeting (AGM) will be held on Monday, September 21, 2026, at 4:30 PM IST via video conferencing. In compliance with SEBI LODR regulations, the company has dispatched letters containing web links to the FY 2025-26 Annual Report to shareholders whose email IDs are not registered. The cut-off date for determining voting rights is Monday, September 14, 2026. Remote e-voting will run from September 17, 2026 (9:00 AM IST) to September 20, 2026 (5:00 PM IST).
- 12th Annual General Meeting scheduled for September 21, 2026, at 4:30 PM IST via VC/OAVM
- Cut-off date for shareholder e-voting set for September 14, 2026
- Remote e-voting window opens September 17, 2026 (9:00 AM IST) and closes September 20, 2026 (5:00 PM IST)
- Annual Report for FY 2025-26 made available online on company and stock exchange portals
Awfis Space Solutions Limited has issued the notice for its 12th Annual General Meeting (AGM) scheduled for September 21, 2026, alongside submitting its FY26 Annual Report. The company highlighted reaching 250+ centres across 18 cities with over 175,000 seats and 8.1 million sq. ft. of managed footprint as of March 2026. The report noted a blended occupancy of 76% and FY26 revenue of Rs 1,493.5 crore (up 24% YoY). This filing is standard statutory compliance with SEBI listing regulations.
- 12th Annual General Meeting scheduled for September 21, 2026 via video conferencing.
- FY26 Revenue reached Rs 14,935 Mn (Rs 1,493.5 Cr), reflecting a 24% YoY growth.
- Network expanded to 250+ centres across 18 cities with 175K+ seats and 8.1 Mn sq. ft. as of March 2026.
- Portfolio recorded a blended occupancy level of 76%.
Awfis Space Solutions reported a 27% YoY revenue growth in Q1 FY27 to ₹425 Cr, alongside a 28% YoY increase in EBITDA to ₹162 Cr (38.2% EBITDA margin) and PBT of ₹24 Cr. Management outlined a full-year revenue outlook of approximately ₹1,800 Cr with cash EBITDA between ₹195 Cr and ₹200 Cr, implying acceleration in H2 over H1. Premium Grade A+ centers currently comprise ~15% (37 centers) of the total 242 live centers and are targeted to reach ~20% by FY27-end with 10 out of 13 upcoming properties in the premium category. Global Capability Centers (GCCs) now contribute 24% of rental revenue across 100+ clients.
- Q1 FY27 revenue grew 27% YoY to ₹425 Cr, with EBITDA up 28% to ₹162 Cr (38.2% margin) and PBT of ₹24 Cr
- Management guided FY27 revenue of ~₹1,800 Cr and cash EBITDA of ₹195 Cr to ₹200 Cr (~10% cash EBITDA margin)
- Currently operates 242 live centers with 37 in the Gold/Elite premium category (~15%), expanding towards ~20% by FY27-end
- GCC clients crossed 100+ unique accounts, contributing 24% of overall rental revenue
- Signed a co-branded developer partnership with Malpani Estates for two Grade A+ assets in Pune totaling 1.4 lakh sq ft
Awfis Space Solutions released a joint research report with Zinnov titled 'The Great Workplace Reset', highlighting growth trends in India's Global Capability Centers (GCCs). The report notes India hosts 2,117 GCCs generating USD 98.4 billion in revenue (FY26E), with GCCs accounting for 44% (9.1 million sq ft) of Q1 2026 office leasing volumes. Additionally, GCCs represent 40% to 45% of enterprise flexible workspace uptake, with 67% planning to expand flex space beyond 10% of their portfolios. While strategically validating Awfis's enterprise client focus, this release is a thought-leadership publication with no direct immediate financial transaction.
- India hosts 2,117 GCCs operating 3,728 units with USD 98.4 billion in estimated FY26 revenue
- GCCs accounted for 44% (9.1 million sq ft) of India's record 20.7 million sq ft office leasing in Q1 2026
- GCCs contribute 40% to 45% of enterprise flex seat demand, with 67% planning to grow flex beyond 10% of portfolio
- Awfis operates across 18 cities with 250+ centers serving over 3,500 clients
Awfis Space Solutions has informed the exchanges that the audio recording of its earnings conference call for the quarter ended June 30, 2026, is now available on its website. The call was held on August 13, 2026, to discuss the company's unaudited standalone and consolidated financial results. This filing is a standard regulatory requirement under SEBI LODR Regulations. Investors can use this recording to gain insights into management's commentary on the company's TTM revenue of ₹1,170 cr and its ongoing expansion strategy.
- Earnings conference call conducted on August 13, 2026
- Covers unaudited financial results for the quarter ended June 30, 2026
- Compliance filing under SEBI LODR Regulations 30 and 46
- Audio recording made available on the company's official website for public access
Awfis Space Solutions reported a strong Q1 FY27 with consolidated revenue growing 27% YoY to ₹425 Cr. Profit After Tax (PAT) surged 140% YoY to ₹24 Cr, representing nearly 49% of the total TTM PAT in just one quarter. The company maintained a robust EBITDA margin of 38.2% and reported an industry-leading ROCE of 55%. Operational scale reached 251 centres and ~170,000 seats, with mature centre occupancy standing at 83%.
- Revenue from operations increased 27% YoY to ₹425 Cr, driven by both co-working and fit-out segments.
- Net Profit (PAT) grew 140% YoY to ₹24 Cr, up from ₹10 Cr in the same quarter last year.
- Network expanded to 251 centres with approximately 170,000 seats across 18 cities.
- Transform business (fit-outs) delivered ₹73 Cr in revenue, with 92% derived from third-party clients.
- Global Capability Centres (GCCs) now contribute 24% of rental revenue with over 100 unique clients.
Awfis Space Solutions reported a standalone revenue of ₹130.16 Cr for Q1 FY27, representing a significant decline from ₹274.71 Cr in Q1 FY26. Despite the revenue drop, net profit increased to ₹22.55 Cr (vs ₹9.00 Cr YoY), primarily driven by a substantial 'Other Income' of ₹243.95 Cr. The board also approved the re-appointment of Protiviti India as Internal Auditors and the induction of Mr. Abhishek Poddar as an Independent Director for a five-year term. The company maintains a high debt-to-equity ratio of 2.75, which remains a key monitoring point for investors.
- Standalone Revenue from operations decreased by 52.6% YoY to ₹130.16 Cr in Q1 FY27.
- Other Income surged to ₹243.95 Cr, significantly exceeding the core operational revenue for the quarter.
- Net Profit for the quarter stood at ₹22.55 Cr, up from ₹9.00 Cr in the corresponding quarter of the previous year.
- Mr. Abhishek Poddar appointed as Independent Director for a 5-year term effective July 01, 2026.
- Protiviti India Members Private Limited re-appointed as Internal Auditors for the Financial Year 2026-27.
Awfis reported a robust Q1 FY27 with revenue increasing 27% YoY to ₹425 Cr, driven by strong demand from Global Capability Centers (GCCs) which now contribute 24% of rental revenue. Operating EBITDA grew 28% YoY to ₹162 Cr, maintaining a healthy margin of 38.2%. The company has successfully transitioned to a net cash position with a Net Debt/Equity ratio of -0.08, while achieving an industry-leading ROCE of 55%. The network expanded to 251 centers with 170,000 operational seats across 18 cities.
- Revenue from operations increased 27% YoY to ₹425 Cr in Q1 FY27.
- Operating EBITDA rose 28% YoY to ₹162 Cr with a margin of 38.2%.
- Total operational capacity reached 170,000 seats across 251 centers.
- GCC clients now number over 100, contributing 24% of total rental revenue.
- Reported a net cash position with Net Debt/Equity at -0.08 and ROCE at 55%.
Awfis Space Solutions reported a strong year-on-year performance for Q1 FY27, with consolidated revenue reaching ₹330.16 Cr, a 20.2% increase from ₹274.71 Cr in Q1 FY26. Net profit surged to ₹22.58 Cr from ₹8.94 Cr in the same period last year, reflecting improved operational leverage. While revenue saw a marginal sequential dip of 2.7% compared to Q4 FY26 (₹339.32 Cr), profitability remained resilient. The board also strengthened governance by appointing Abhishek Poddar as an Independent Director for a five-year term.
- Revenue from operations grew 20.2% YoY to ₹330.16 Cr in Q1 FY27
- Net profit for the quarter stood at ₹22.58 Cr, a 152.6% increase from ₹8.94 Cr in June 2025
- Basic EPS improved significantly to ₹3.15 from ₹1.26 in the year-ago quarter
- Total income for the quarter reached ₹374.11 Cr, including other income of ₹43.95 Cr
- Abhishek Poddar appointed as Independent Director for a term ending June 30, 2031
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 42.26% YoY in FY 2024-25 to INR 1,207.54 Cr. In H1 FY26, total operating revenue reached INR 702 Cr, a 28% YoY increase. The 'Awfis Transform' (Design & Build) segment reported 20% QoQ growth, while the 'Awliv' subsidiary contributed INR 17.86 Cr in FY25.
Geographic Revenue Split
The company operates across Tier 1 and Tier 2 cities in India. While specific % splits per city are not provided, the strategy focuses on expanding micro-markets in Tier 1 and high-demand Tier 2 cities to capture 100% Grade A asset demand.
Profitability Margins
Net Profit Before Tax for FY 2024-25 was INR 68.76 Cr, a significant turnaround from a loss of INR 17.57 Cr in FY 2023-24. H1 FY26 PAT rose 49% YoY to INR 26 Cr. PAT margins improved from 3.7% in FY23 to 12.1% in H1 FY26 on an IGAAP equivalent basis.
EBITDA Margin
Operating EBITDA margin for H1 FY26 stood at 36.9%, representing a 430 bps YoY expansion. Q2 FY26 EBITDA was INR 132 Cr with a 36.1% margin (up 180 bps YoY). Margin expansion is driven by operational efficiencies and higher occupancy in mature centers.
Capital Expenditure
The company is transitioning to a capital-efficient, asset-light 'MA' (Managed Aggregation) model to reduce upfront costs. While specific total Capex for FY25 is not explicitly totaled, the focus is on Grade A+ assets which now constitute 70% of new supply acquisitions.
Operational Drivers
Raw Materials
Key inputs include office furniture, modular partitions, flooring materials, electrical fittings, and HVAC systems for the 'Awfis Transform' design and build segment, representing a significant portion of project delivery costs.
Import Sources
Sourced primarily from domestic vendors within India to maintain a stronger vendor base for cost efficiencies, though specific states are not listed.
Capacity Expansion
Added approximately 35,000 seats in the last 12 months. The company is currently India's largest workspace platform and is expanding into retail, hospitality, and institutional design projects.
Raw Material Costs
Design and build costs are managed through a 'stronger vendor base' to achieve higher cost efficiencies. Revenue from third-party projects in H1 FY26 was a major driver of the Transform segment.
Manufacturing Efficiency
Occupancy levels are the primary efficiency metric. New seats (35,000) added in the last year require 5-6 quarters to reach optimal occupancy, which temporarily impacts overall margins.
Strategic Growth
Expected Growth Rate
28%
Growth Strategy
Growth will be achieved through the subsidiarization of 'Awfis Transform' to target retail and hospitality sectors, expanding the 'MA' asset-light model, and focusing on Grade A+ assets (70% of new supply) to attract Global Capability Centers (GCCs) and large enterprises.
Products & Services
Co-working seats, managed office spaces, 'Awfis Transform' (design and build services), 'Awliv' (living space solutions/coliving), and 'Awfis Care' (facility management - recently sold).
Brand Portfolio
Awfis, Awfis Transform, Awliv.
New Products/Services
Expansion of 'Awfis Transform' into retail and hospitality design; 'Awliv' living solutions contributed INR 17.86 Cr in FY25 revenue.
Market Expansion
Deepening penetration in Tier 1 micro-markets and expanding into high-growth Tier 2 cities to support the 'hub and spoke' requirements of large corporate clients.
Market Share & Ranking
Ranked as India's largest and fastest-growing end-to-end workspace solutions platform.
Strategic Alliances
Utilizes a Managed Aggregation (MA) model with property owners to scale without heavy capital investment.
External Factors
Industry Trends
The industry is seeing a 20% QoQ growth in design and build services. There is a clear shift toward 'premiumization' where clients demand tech-enabled, sustainable, and Grade A+ office environments over basic co-working spaces.
Competitive Landscape
Competes with both global co-working players and local boutique managed-office providers, but differentiates through its 'Transform' design-and-build vertical.
Competitive Moat
The moat is built on a 'network effect' from being the largest player, an asset-light capital model that ensures high ROCE (27.8%), and a full-spectrum offering (Value to Premium) that competitors find difficult to replicate at scale.
Macro Economic Sensitivity
Highly sensitive to corporate hiring trends and the growth of Global Capability Centers (GCCs) in India, which drive demand for flexible office volumes.
Consumer Behavior
Shift toward 'Flexibility-as-a-Service' where large organizations prefer 100+ seat cohorts with long-term managed leases over traditional 5-10 year straight leases.
Geopolitical Risks
Global economic shifts affecting the outsourcing and expansion plans of MNCs (GCCs) could impact seat take-up rates.
Regulatory & Governance
Industry Regulations
Compliant with Companies Act 2013 and SEBI (LODR) Regulations 2015. Operations are subject to local building codes, fire safety norms, and commercial real estate regulations.
Environmental Compliance
Focus on LEED certifications (21 Gold/Platinum centers) and energy conservation initiatives to meet ESG requirements of global clients.
Taxation Policy Impact
Effective tax impact seen in the shift from a loss-making position to a PBT of INR 68.76 Cr in FY25.
Legal Contingencies
The Secretarial Audit Report for FY 2024-25 confirms compliance with applicable statutory provisions; no specific high-value pending litigation amounts were disclosed in the provided text.
Risk Analysis
Key Uncertainties
The primary risk is the 'occupancy lag' for the 35,000 newly added seats, which could pressure margins if demand from GCCs slows down.
Geographic Concentration Risk
Concentrated in Indian Tier 1 and Tier 2 cities; any regional economic downturn in major hubs like Bangalore, Mumbai, or Delhi-NCR would significantly impact revenue.
Third Party Dependencies
High dependency on landlords for the MA model and third-party vendors for the Transform segment's project delivery.
Technology Obsolescence Risk
Risk of falling behind in 'smart office' features; mitigated by ongoing investments in tech-enabled workspaces.
Credit & Counterparty Risk
Receivables quality is generally high as clients are primarily large enterprises and GCCs, though specific aging data was not provided.
